Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.027%

Price spread now: Kalshi against Lighter+0.054%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 3 days (all we have)+0.157%+$16 · spread now +0.054%, 7d avg −0.039%

Together, before fees+0.101%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.092% dearer against Lighter than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of −0.039%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 7 days (−0.056% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.173	0.0096	pay 0.0012% / 1h	57m 17s	$2.0M	$2.7M	10x
Short	Kalshi KXLINKPERP	13.180	0	get 0.0000% / 8h	3h 57m	$478K	$2.4M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee KalshibpOrdersPrice spread, now +0.054%Rate

Funding earned: −$20.16
Price spread: +0.054% → −0.039%: $9.24
Slippage, 4 orders: −$18.37
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$39.29
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Lighter: live order book, 10 min ago; Kalshi: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter live order book, 10 min ago	1.13 bp	1.4 bp −$1	6.8 bp −$68	70.5 bp −$7,053	doesn't fit
Sell Kalshi live order book, 1 min ago	7.18 bp	12.2 bp −$12	17.4 bp −$174	doesn't fit	doesn't fit

LINK on 40 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	13.177	+0.028%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	13.180	+0.054%	$478K	$2.4M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.178	+0.040%	$742K	$151K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.175	+0.013%	$134K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.172	−0.006%	$4K	$89K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.868%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.169	−0.030%	$133K	$1.5M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	13.173	long leg	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.165	−0.060%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.172	−0.008%	$402K	$312K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.177	+0.030%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.163	−0.075%	$277K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.174	+0.007%	$122.4M	$306.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.168	−0.038%	$85.1M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.171	−0.015%	$27.9M	$86.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.182	+0.068%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.173	0.000%	$130.6M	$12.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.174	+0.008%	$36.7M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.174	+0.008%	$22.8M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.170	−0.023%	$54.8M	$30.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.175	+0.015%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.177	+0.028%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.179	+0.043%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.183	+0.078%	$597K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.185	+0.091%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.174	+0.008%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.170	−0.023%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.193	+0.150%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.174	+0.008%	$5K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.151	−0.170%	$647K	$875K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.170	−0.023%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.181	+0.063%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.175	+0.015%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.192	+0.144%	$5.2M	$16.7M	75x	as long as short
Phemex LINKUSDT	+0.0268%	8h	13.184	+0.084%	$20.4M	$11.6M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0273%	1h	13.185	+0.091%	$364K	$374K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.180	+0.050%	$6.9M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.168	−0.036%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0396%	1h	13.163	−0.079%	$349K	$48K	10x	as long as short
Hyperliquid LINK	+0.0463%	1h	13.189	+0.121%	$79.0M	$24.5M	10x	as long as short